Credit unions offer best rates
Credit unions are cashing in on the opportunity to snag business from other lenders in the wake of three big banks and one monoline announcing rate increases last week.
Banks can't keep up with demand
Brokers say they are experiencing longer than average turnaround times with the banks, suggesting it could be a result of a flooded market due to collective client fears that rates will continue to increase.
Monoline changes its preapprovals
One leading monoline announced changes to its pre-approval rates last week.
Brokers aren't ready to trust Flaherty
A year after he imposed stricter guidelines on the housing market, Finance Minister Jim Flaherty announced Wednesday that he has no plans to further intervene. The announcement hasn’t provided comfort for mortgage brokers, though.
Another bank, monolines hike rates
Following BMO’s lead – which raised its fixed rates on Tuesday – both RBC and a number of monolines have raised their rates. And another big bank is expected to announce its increase very soon.
BMO gives a gift to monolines
The bank that rocked the market with its “2.99 no-friller” announced Tuesday it will be raising the rate on its five-year, fixed-rate mortgage to 3.79 per cent from 3.59 per cent, widening the competitive edge brokers enjoy through monolines. At least for now, say industry players.
Brokers to Jim Flaherty: Don't get any ideas...
Brokers warn the federal government not to read too much into the July spike in home sales, specifically the 9.4 per cent rise highlighted in the latest Canadian Real Estate Associate (CREA) report.
A different tack for self-employed clients
Brokers continue to vent their frustration over securing mortgages for self-employed clients, but are increasingly directing them to write off less of their income, among other successful strategies.
UPDATED: Broker points to cancelled preapprovals
UPDATED: At least one monoline appears to have cancelled pre-approvals written before the CMHC announcement last week, said one broker, raising concerns that other lenders will follow suit.
DLC adds new TV spot
Dominion Lending Centres’ new TV spot features young girls talking about what their homes mean to them – a campaign acknowledging the power of women in home financing decisions.